Casino Malta Fined €233k for AML and CTF Breaches
The Financial Intelligence Action Unit (FIAU) has fined Casino Malta for multiple anti-money laundering and counter-terrorist financing failures.
Casino Malta has been fined €233,834 for violating anti-money laundering and counter-terrorist financing (AML/CTF) regulations by Malta’s Financial Intelligence Action Unit (FIAU).
The agency found that the casino lacked due diligence, had inadequate risk assessment procedures, and failed to conduct necessary source of funds checks on high-risk customers, such as a CEO of a company with connections to Turkey and a student with connections to China.
The FIAU also highlighted systematic issues with the casino’s internal risk classification methodology, which misclassified customers’ risks and failed to trigger necessary enhanced measures.
The casino’s guidelines also did not provide employees with sufficient instruction on how to report suspected money laundering cases.